Siyata Mobile Reports Third Quarter Revenue of $5.9 Million, Up 218%
Accelerating Adoption Driving Exponential Increase in Unit Sales
Management to Host Conference Call at 8:30 a.m. ET on Friday, November 15
VANCOUVER, BC, Nov. 14, 2024 /PRNewswire/ -- Siyata Mobile Inc. (NASDAQ:SYTA) ("Siyata" or the "Company"), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today announced its financial results for the three months ended September 30, 2024.
Marc Seelenfreund, CEO of Siyata, said, "We delivered $5.9 million in revenue for the third quarter, the largest in our company's history and representing exponential growth of more than 200% year-over-year. This performance underscores the significant momentum we are building, especially in the U.S. market, where sales have increased by 55% year-to-date. More broadly, demand for our SD7 handsets is increasing across a diversity of vertical markets and use cases. Adoption of our disruptive, ruggedized handsets is accelerating to replace more traditional land mobile radio (LMR)."
Seelenfreund continued, "We are optimistic about our outlook going forward with the goal of reaching profitability in the coming quarters. We have a pipeline of exciting new sales opportunities, and we are well positioned with ample inventory to meet demand. Further, we believe that we have a very exciting 5G product portfolio planned to launch in 2025 which will position us as the leading PTT handset provider on a global level. We announced recently that T-Mobile is the first wireless carrier that will be launching part of the portfolio and will be releasing details of the innovative devices over the coming months. We are optimistic that more wireless carriers will follow suit."
Key financial highlights for the three months ended September 30, 2024:
- Revenues were $5.9 million compared to $1.8 million for the three months ended September 30, 2023.
- Revenue from the U.S. market was $4.8 million, or 81% of total revenue, compared to $1.3 million or 69% percent of total revenue for the three months ended September 30, 2023.
- Gross margin of $1.7 million, or 29.0% of revenue, compared to $0.5 million, or 26.6% of revenue, in the same period last year
- Net loss was $0.6 million as compared to a net loss of $1.9 million in the same period last year.
- Adjusted EBITDA was ($3.3) million versus ($1.6) million in the same period last year.
Liquidity and Capital Resources
As of September 30, 2024, the Company had a cash balance of $0.2 million compared to $0.9 million as of December 31, 2023.
Conference Call Details
The Company will host a conference call at 8:30 a.m. ET on Friday, November 15, 2024 to discuss its third quarter 2024 financial results.
Date: Friday, November 15, 2024
Time: 8:30 a.m. Eastern Time/5:30 a.m. Pacific Time
North America dial-in number: +1 (888) 506-0062
International toll-free dial-in number: +1 (973) 528-0011
Access Code: 721899
A replay will be available until November 29, 2024. To access the replay, dial +1 (877) 481-4010 or +1 (919) 882-2331. When prompted, enter Passcode 51578.
The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2988/51578.
About Siyata Mobile
Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.
In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.
Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.
Siyata's common shares trade on the Nasdaq under the symbol "SYTA".
Visit www.siyata.net and unidencellular.com to learn more.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata's current expectations, they are subject to various risks and uncertainties and actual results, performance, or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Siyata's filings with the Securities and Exchange Commission ("SEC"), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.
-- Tables Follow --
Siyata Mobile Inc. | ||
USD | USD | |
September 30, 2024 | December 31, 2023 | |
Assets | ||
Current | ||
Cash | 220,243 | 898,771 |
Trade And Other Receivables | 3,058,921 | 1,181,257 |
Prepaid Expenses | 1,441,564 | 29,673 |
Inventory | 3,866,118 | 3,544,519 |
Advance To Suppliers | 683,442 | 1,048,227 |
9,270,288 | 6,702,447 | |
Long Term Receivable | 177,155 | 147,100 |
Investment in Securities | 1,300,000 | - |
Right Of Use Assets | 431,471 | 630,793 |
Equipment | 145,750 | 175,335 |
Intangible Assets | 8,038,601 | 7,856,730 |
Total Assets | 19,363,265 | 15,512,405 |
Liabilities And Shareholders' Equity | ||
Current | ||
Loans to Financial Institutions | 2,546,335 | 89,298 |
Sale of future receipts | 996,048 | 1,467,899 |
Accounts Payable And Accrued Liabilities | 4,374,116 | 3,449,103 |
Deferred Revenue | 31,277 | 2,025 |
Short Term Lease Liability | 26,427 | 254,668 |
Warrants and preferred shares liability | 1,051,865 | 156,433 |
9,026,068 | 5,419,426 | |
Long Term Lease Liability | 439,027 | 385,639 |
439,027 | 385,639 | |
Total Liabilities | 9,465,095 | 5,805,065 |
Shareholders' Equity | ||
Share Capital | 101,997,458 | 85,714,727 |
Reserves | 14,899,768 | 14,644,200 |
Accumulated Other Comprehensive Loss | 98,870 | 98,870 |
Deficit | (107,097,926) | (90,750,457) |
9,898,170 | 9,707,340 | |
Total Liabilities And Shareholders' Equity | 19,363,265 | 15,512,405 |
Siyata Mobile Inc. | ||||||
Three Months Ended | Nine Months Ended | |||||
September 30, | September 30, | September 30, | September 30, | |||
Revenue | $ 5,862,575 | $ 1,842,390 | $ 10,111,422 | $ 6,355,744 | ||
Cost Of Sales | (4,159,542) | (1,352,293) | (7,348,158) | (4,564,640) | ||
Gross Profit | 1,703,033 | 490,097 | 2,763,264 | 1,791,104 | ||
29.0 % | 26.6 % | 27.3 % | 28.2 % | |||
Expenses | ||||||
Amortization And Depreciation | 424,393 | 453,500 | 1,262,180 | 1,308,639 | ||
Development Expenses | 294,753 | 87,652 | 329,753 | 173,102 | ||
Selling And Marketing | 1,367,546 | 743,760 | 3,469,952 | 2,734,928 | ||
Equity promotion and marketing | 2,190,162 | 540,000 | 4,340,162 | 1,131,200 | ||
Inventory loss (income) from water | - | (405,364) | - | (405,364) | ||
General And Administrative | 1,166,461 | 1,458,284 | 3,238,314 | 4,012,896 | ||
Bad Debts (Recovered) | 8,132 | 16,512 | 26,990 | 26,660 | ||
Insurance proceeds from water | - | (380,077) | - | (380,077) | ||
Share-Based Payments | 54,682 | 202,072 | 255,568 | 773,605 | ||
Total Operating Expenses | 5,506,129 | 2,716,339 | 12,922,919 | 9,375,589 | ||
Net Operating Loss | (3,803,096) | (2,226,242) | (10,159,655) | (7,584,485) | ||
- | ||||||
Other Expenses | - | |||||
Finance Expense | 527,962 | 33,684 | 2,250,001 | 109,033 | ||
Loss on issuance | - | - | 6,129,282 | - | ||
Loss on extinguishment of financial | - | - | 601,163 | - | ||
Foreign exchange | (26,592) | (109,895) | (37,243) | (188,494) | ||
Change in preferred share liability | (386,022) | - | (386,022) | |||
Gain on settlement of derivative | (3,723,827) | - | (3,723,827) | |||
Change in fair value of warrant | 3,900 | (294,858) | (50,670) | 1,561,765 | ||
Transaction Costs | 427,812 | - | 1,405,130 | - | ||
Total Other Expenses | (3,176,767) | (371,069) | 6,187,814 | 1,482,304 | ||
Net Loss For The Period | $ (626,329) | $ (1,855,173) | $(16,347,469) | $ (9,066,789) | ||
Comprehensive Loss For The Period | (626,329) | (1,855,173) | (16,347,469) | (9,066,789) | ||
Weighted average shares | 1,580,010 | 14,226 | 574,313 | 8,353 | ||
Basic and diluted loss per share | (0.40) | (130.41) | (28.46) | (1,085.40) | ||
Reconciliation to Adjusted EBITDA | |||||
Three Months Ended | Nine Months Ended | ||||
September 30, | September 30, | September 30, | September 30, | ||
Net Operating Loss | (3,803,096) | (2,226,242) | (10,159,655) | (7,584,485) | |
Addback | |||||
Amortization and | 424,393 | 453,500 | 1,262,180 | 1,308,639 | |
Share based | 54,682 | 202,072 | 255,568 | 773,605 | |
Adjusted EBITDA | (3,324,021) | (1,570,670) | (8,641,907) | (5,502,241) | |
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SOURCE Siyata Mobile Inc.